text | Poetry and Starry Sky
Today I will share with you a listed company with excellent financial report quality: 
If you only look at the revenue and profit situation, it will be
. That, that, how does the 100% gross profit margin of 276 million Internet business achieve?
Do you have to pay a dime for electricity?
At the beginning of 2017, the company formulated a cost budget of RMB 2.29 billion, and the actual cost was RMB 2.484 billion, an increase of 24.34% over 2016. The main part of the increase in expenses comes from the increase in employee compensation and the payment of shares.
While the company is carrying huge fines, it also does not forget to raise its wages for employees. It is a conscientious enterprise.
In terms of R&D, for example,
R&D investment accounts for nearly half of the revenue. Moreover, all expenses are treated, and they are completely disdainful to rely on capitalization of R&D expenditures to modify profits (
Even if it is paid in the fine stage,
According to the annual reports in recent years, except for the decline in performance in 2016, the company is a company with very good growth overall. What happened in 2016?
was fined.
Due to illegally providing information and data,
In the first half of 2018, the company cleared the impact of the sky-high fine in 2016 and fully recovered its profitability.
's return on net assets has been repaired in two years in 2016 and 2017, and has also been close to the standard of 20% of the "high-quality investment target".
's debt-to-asset ratio has gradually declined, and various core indicators Basically, they all returned to the heavy penalty.
The main user group of the company is institutions. According to the different groups of institutions, the business composition ratio is as follows:
Of course,
There is a very high expenditure in the cash flow statement: the cash paid to and paid to employees is as high as 1.04 billion yuan.
recently blockchain has After entering the stage of cutting leeks, many people are still obsessed with it.
Last week, due to a very special project (in a commercial secret, it is impossible to say the specific content), some top software and hardware database experts in China and even the world gathered more than 30 people to solve the problem. After experiencing the most difficult stage, blockchain was mentioned in the middle of the night.
These experts with ten or twenty years of development experience smiled and said that blockchain is nothing special as a technology. , I really don't understand why it is so popular. Those who are really advocating blockchain often do not understand technology.
people who do not understand technology say that people who understand technology do not understand blockchain technology, which is interesting.
technology is technology. Remember, there is no technology on this planet that is irreplaceable.
remember this, and then consider its application scenarios. The application scenarios that blockchain can achieve, transforming Oracle and Hadoop can also be practical. Now.
decentralization is not a magical technology.
Hang Seng Electronics released the blockchain technology white paper as early as 2016 and explored it in the financial field. To be honest, blockchain technology can do some things in the anti-counterfeiting field, but it is not irreplaceable. Those who expect blockchain to change the world may only change the wallet of leeks.
Some leeks said that large companies do not engage in blockchain because In order to worry about the decentralization of my monopoly position.
Tencent Alibaba was so breathless that I found that the logic of leeks was too funny. No matter what technology was used behind it, large companies were more trustworthy, or small companies using blockchain were more trustworthy?
When Oracle, Sybase, Hadoop, the DB2 of the four major banks, and Alibaba OceanBase technologies were not When trusting, what crisis happened? By then, does the blockchain for small enterprises still have a meaning?
summary: Hang Seng Electronics is engaged in an industry with a deeper moat, and companies competing with it often have no power to fight back ( Big Wisdom tried to compete, but was acquired). As long as the company does not touch the bottom line of the CSRC, it leads to punishment, the company's performance will continue to grow steadily.
